As of the first half of 2020, there are more than 15,000 shared office spaces in the world. The increasing global popularity of coworking spaces is also represented in Dubai. In fact, according to recent reports, coworking occupies over 650,000 sq. ft in the city and is composed of more than 50 coworking space locations. With many coworking spaces to choose from in Dubai, it is important to consider a number of essential factors when choosing the perfect coworking space.
What Does Co-Working Mean?
Co-working comes from the combination of 2 words: co (short for co-operative) and working. To elaborate this further, coworking means to work in a shared cooperative environment, while not necessarily working for the same company. As cities around the world try to position themselves as entrepreneurial hubs, so co-working spaces have cropped up at an unprecedented rate. Initially, these spaces were designed just to provide cheap office space to start-ups, but over the years they’ve evolved to become centers of collaboration for start-ups, freelancers, and even salaried workers looking for something a little different from what they’re used to in the office.
Major companies such as HSBC embrace the concept. Both Instagram and Uber started life using the concept. The question remains; what could co-working spaces do for your company?
- Save you money on office costs and attract talent
- Create flexibility without the distractions of home
- Help small teams network and grow
- Meet the work culture expectations of Generation Z
Who Needs Co-Working Spaces?
So, who is co-working ideal for? Based on research, we found that there are three main types of people that benefit from co-working:
- Businesses looking to expand to new markets. If a company is looking to start doing business in a new geography, it often makes sense to start small by joining a coworking space, before they start renting out their own offices.
- Startups looking for a place to grow from. If you’re in your startup journey, you need an affordable place to work and a supportive community. Coworking spaces provide both of those.
- People working on side hustles. If you’re still working a 9 to 5, you may want a nice clean reliable space to work in after-hours. Coworking spaces can be perfect for that, and often have special after hour deals.
Why Should You Use Co-Working Spaces?
You may have a few questions. Why should you use a coworking space? Why is a coworking space better than a regular office? What are the benefits of a coworking space? Well, we are going to address these questions by listing down the reasons why you, as an entrepreneur, should opt for coworking spaces in Dubai.
Saves Time & Money
It’s a fact, coworking for smaller teams is just cheaper. Instead of paying for rent, utilities, amenities, and even business licensing fees as a lump sum, you can pay a lower price, and improve your cash flow by paying monthly. The cost of desks at coworking spaces are generally lower. For a monthly rate, you can have access to all your office mod-cons, from speedy Wi-Fi to Skype pods. For new businesses, in particular, joining up seriously reduces start-up logistics and stress as everything is automatically at your fingertips. All you have to do is turn up, switch on, and grow your empire.
The main appeal of coworking spaces is their plug and play nature. You don’t have to worry about buying furniture, paying for electricity, setting up Wi-Fi, buying coffee, or even cleaning bathrooms! You just signup to a coworking space and come to work. Also, some Dubai coworking spaces even offer streamlines business setup and licensing with a dedicated account manager, which saves you a ton of time when registering your business in the UAE.
One of the reasons why individuals opt for a coworking space is the work environment. Some people work well in a busy crowd, while others prefer a quiet, laid back atmosphere. Several coworking spaces hold activities for members such as networking workshops or seminars. If you have the opportunity, make sure to participate in these activities to cultivate a collaborative environment and grow your professional network.
When choosing a coworking space, it is important to determine your needs and make an informed decision about where and how you work best. Once you have chosen the right shared office space, be sure to make the best of it.
Greater Exposure to Industries & Learning
Coworking exposes you to a diverse pool of professional industries that, under different circumstances, you might never come into contact with. There could be an accountant to the desk left of you, an interface designer to the right, and a scientist beavering away the opposite. Chances are something that can be learned from all of them. You may notice a start-up owner with a particularly effective management style or an executive who demonstrates invaluable presentation skills. Working within such a unique hub you’ll become surrounded by learning experiences – and mentors and motivators – every single day.
Ease of Access
Another thing to take into account is the ease of access and transportation. Part of being a freelancer or working for yourself is eliminating the frustration of long commutes to the office, especially during rush hours. Choose a coworking space that gives you convenience and ease of access. Plenty of coworking spaces are accessible to public transportation and can help you avoid spending time in traffic.
Leases tend to cover periods of several years, and owning a building is an investment, a commitment that can last for a decade or longer. Shared office space, on the other hand, can be reduced to a monthly, daily, or in some cases hourly rate. This allows companies to choose flexible contracts, so they are not locked into a long-term agreement. For businesses that rely on being agile or that work in fast-moving sectors, the flexibility to scale up or down at speed is a must.
The increased flexibility in terms of contracts also means that creating a business from scratch can be achieved much faster today, and with smaller teams. Entrepreneurs who choose to work in shared spaces also find more time to focus on their primary tasks. They have fewer responsibilities to worry about. Mundane tasks like cleaning and maintenance are taken care of by the building’s owners.
Sense of Community
Not just a place to do business, coworking spaces present an environment that brings like-minded individuals together to grow their companies, achieve their goals, and, ultimately, succeed. Working in an open and fluid environment means that members get a unified sense of solidarity and support that doesn’t exist in a stuffy office set-up. Humans have an in-built need for connection, and studies have long shown that a sense of belonging can boost your happiness and health – ultimately, a crowd can solve a problem that a cubicle can’t.
Famous Coworking Spaces Around Dubai
The emirate is home to some really interesting coworking spaces that cater to a variety of needs. Although there are over 30 coworking spaces in Dubai, we’ve compiled some of the renowned ones for your convenience:
- Impact Hub Dubai
- MyOffice Level 29
- The Shelter
- Dubai Technology Entrepreneur Centre
- The Bureau
- The Cribb
- The Co-working Café
Companies with creative notions of what office culture should look like, such as Google and Facebook, have created a new world. And it’s wise to evolve if you’re planning on attracting a new wave of talent. Coworking culture is establishing itself as a key component of modern business models. There is a strong possibility that your startup or SME may benefit from using the strategy to save money, boost growth, increase creativity, and cultivate success in a rapidly evolving world.
Our advisors at Riz and Mona Consultancy can guide you further on coworking spaces in Dubai. Contact us today to book your appointment.